* JPMorgan posts higher earnings
* President to lay out deficit plan, focus on tax, spending
* Futures gain: S&P 9.7 pts, Dow 77 pts, Nasdaq 18.75 pts
* For up-to-the-minute market news see []
NEW YORK, April 13 (Reuters) - U.S. stock index futures
rose on Wednesday, rebounding from the previous day's decline,
after results from JPMorgan Chase beat expectations and spurred
bets that other bank earnings will be strong.
* JPMorgan Chase & Co <JPM.N> posted an increase in first
quarter earnings that beat analyst expectations, helped by
better results in its credit card business. For details, see
[]
* Bank stocks were boosted by JPMorgan Chase results,
sending the Financial Select Sector SPDR Funds <XLF.P> up 0.9
percent. Bank of America <BAC.N> shares rose 1.3 percent to
$13.65 in premarket trade and Citigroup <C.N> added 1.3 percent
to $4.61.
* President Barack Obama is expected on Wednesday to push
for higher taxes for the rich and changes to government pension
and healthcare plans as criticism swells over his leadership on
cutting a bloated deficit. []
* Commerce Department releases March retail sales at 8:30
a.m. ET (1230 GMT). Economists in a Reuters survey expect a 0.5
percent rise compared with a 1.0 percent increase in February.
Excluding automobiles, sales are seen up 0.7 percent, a repeat
of the February increase.
* S&P 500 futures <SPc1> rose 9.7 points and were above
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 77
points and Nasdaq 100 futures <NDc1> added 18.75 points.
* On Tuesday, major indexes dropped about 1 percent on
worries falling oil prices could set off a reversal in the
high-flying energy sector, while Alcoa's leaner-than-expected
revenue disappointed.
* Deutsche Bank <DBKGn.DE> is planning to restructure its
U.S. operations to skirt financial regulations that could force
it to raise billions of dollars, the Wall Street Journal
reported on its website on Tuesday. []
* French engineering group Schneider Electric <SCHN.PA>
moved to quash rumors of a planned takeover of Tyco
International <TYC.N>, saying it was not currently in talks
with the U.S.-based conglomerate. A person with knowledge of
the matter said on Tuesday Schneider had held early talks with
Tyco about buying it. Morgan Stanley analysts said any deal was
likely to be at a premium of as much as 35 percent, implying a
price of about $31 billion. []
* The Federal Reserve releases its Beige Book of regional
economic conditions at 2:00 p.m. ET (1800 GMT).
* World no. 2 gold producer Newmont Mining <NEM.N> has
acquired a 6.7 percent stake in Australian uranium miner
Paladin Energy <PDN.AX>, following the completion of Newmont's
$2.3 billion takeover of Fronteer Gold. []
* Oil crept back above $121 on Wednesday, partly reversing
a deep sell-off, as foreign ministers met for talks on Libya's
future and the market awaited U.S. inventory data for possible
signs of demand attrition. []
(Reporting by Angela Moon, Editing by Chizu Nomiyama)
